Nifty ends higher as Tech stocks rally

Markets ended the day higher after trading in a range for most of the day, as IT stocks gained significant ground in trade.

The Sensex ended the day with gains of 106 points (provisional), while the Nifty gained 25 points in trade. Sun Pharma led gainers on the Sensex after the company received a US FDA approval for one of its products.

Other Sensex gainers in trade were Gail, Mahindra and Mahindra and Bharat Heavy Electricals. Ranbaxy rallied after the company agreed to settle a dispute with the New York Attorney General.

Auto stocks that had rallied sharply in trade following the Interim Budget in which the sector received excise benefits saw profit booking today. Maruti Suzuki and Tata Motors both ended the day lower. Even two wheeler manufacturers like Hero Honda and Bajaj Auto lost ground in trade.

Tech stocks had a great session of trade with Infosys, TCS and Wipro leading gainers today.

Banking stocks which had a spectacular rally on Tuesday lost ground today. PSU banks were the hardest hit after NPA worries at United Bank left investors worried. Bank of Baroda, Canara Bank and Bank of India ended lower.

Mid cap stocks also had a flat session in trade with HDIL losing ground, while Sun TV and Siemens rallied.

Meanwhile, markets across Asia ended the day with gains. The Shanghai Composite, the Jakarta Composite and the Singapore's Strait Times were among the gainers.